Development of the Renminbi Market in Hong Kong SAR: Assessing Onshore-Offshore Market Integration
Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its currency while maintaining capital controls. This prompts two questions addressed in this paper: How far advanced is renminbi internationalization? And, what role does Chinese capi...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2013
|
| Series: | IMF Working Papers
Working Paper No. 13/268 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its currency while maintaining capital controls. This prompts two questions addressed in this paper: How far advanced is renminbi internationalization? And, what role does Chinese capital account liberalization play? The first is addressed by testing the extent of integration of offshore and onshore markets for the renminbi using a Threshold Autoregression (TAR) model and finds that there are substantial unexploited arbitrage opportunities. A VAR model is used to indentify factors contributing to this limited market integration and finds that capital controls and shifts in global market sentiment explain much of the divergence in onshore and offshore renminbi exchange rates. To address the second question, the paper shows how capital account measures have been used to promote offshore use of the renminbi more actively in the wake of the global financial crisis, but that this was done asymmetrically with controls on inflows eased to a greater extent than on outflows. It concludes that a more balanced liberalization process will sustain progress in renminbi internationalization |
| Physical Description: | 1 Online-Ressource (25 p) |
| ISBN: | 1484332946 9781484332948 |
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| index_date | 2024-07-03T20:13:35Z |
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| series2 | IMF Working Papers |
| spelling | Craig, R. Sean Verfasser aut Development of the Renminbi Market in Hong Kong SAR Assessing Onshore-Offshore Market Integration Craig, R. Sean Washington, D.C International Monetary Fund 2013 1 Online-Ressource (25 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/268 Offshore use of the renminbi expanded rapidly in Hong Kong SAR as China sought to develop an international role for its currency while maintaining capital controls. This prompts two questions addressed in this paper: How far advanced is renminbi internationalization? And, what role does Chinese capital account liberalization play? The first is addressed by testing the extent of integration of offshore and onshore markets for the renminbi using a Threshold Autoregression (TAR) model and finds that there are substantial unexploited arbitrage opportunities. A VAR model is used to indentify factors contributing to this limited market integration and finds that capital controls and shifts in global market sentiment explain much of the divergence in onshore and offshore renminbi exchange rates. To address the second question, the paper shows how capital account measures have been used to promote offshore use of the renminbi more actively in the wake of the global financial crisis, but that this was done asymmetrically with controls on inflows eased to a greater extent than on outflows. It concludes that a more balanced liberalization process will sustain progress in renminbi internationalization Online-Ausg Hua, Changchun Sonstige oth Ng, Philip Sonstige oth Yuen, Raymond Sonstige oth http://elibrary.imf.org/view/IMF001/21009-9781484332948/21009-9781484332948/21009-9781484332948.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Craig, R. Sean Development of the Renminbi Market in Hong Kong SAR Assessing Onshore-Offshore Market Integration |
| title | Development of the Renminbi Market in Hong Kong SAR Assessing Onshore-Offshore Market Integration |
| title_auth | Development of the Renminbi Market in Hong Kong SAR Assessing Onshore-Offshore Market Integration |
| title_exact_search | Development of the Renminbi Market in Hong Kong SAR Assessing Onshore-Offshore Market Integration |
| title_exact_search_txtP | Development of the Renminbi Market in Hong Kong SAR Assessing Onshore-Offshore Market Integration |
| title_full | Development of the Renminbi Market in Hong Kong SAR Assessing Onshore-Offshore Market Integration Craig, R. Sean |
| title_fullStr | Development of the Renminbi Market in Hong Kong SAR Assessing Onshore-Offshore Market Integration Craig, R. Sean |
| title_full_unstemmed | Development of the Renminbi Market in Hong Kong SAR Assessing Onshore-Offshore Market Integration Craig, R. Sean |
| title_short | Development of the Renminbi Market in Hong Kong SAR |
| title_sort | development of the renminbi market in hong kong sar assessing onshore offshore market integration |
| title_sub | Assessing Onshore-Offshore Market Integration |
| url | http://elibrary.imf.org/view/IMF001/21009-9781484332948/21009-9781484332948/21009-9781484332948.xml |
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